Oil & Gas Acquisitions in United States

Westbridge Capital’s portfolio company, Federal Steel Supply (FSS), acquired Venture Pipe and Supply, Inc., an oilfield pipe, valve, and fittings supplier operating six locations across Oklahoma, New Mexico, and Ohio. The deal is positioned as a strategic add-on to expand FSS’s customer base and geographic footprint, with Venture to be led by Jeret Higgs as founder Ernie Brooks prepares to retire.

HF Sinclair Corporation completed its acquisition of Holly Energy Partners, L.P., buying all outstanding common units not already owned by HF Sinclair and its subsidiaries. The consideration was 0.3150 shares of HF Sinclair common stock plus $4.00 in cash per HEP common unit, and the merger was effected via a subsidiary of HF Sinclair. Following closing, Holly Energy Partners will be delisted from the NYSE and will cease to be a publicly traded partnership.

RPC, Inc. (NYSE: RES) acquired 100% of the equity of Spinnaker Oilwell Services, LLC, effective July 1, 2023. Spinnaker is an oilfield cementing services provider in the Permian and Mid-Continent basins, headquartered in Oklahoma City, Oklahoma. The purchase price was $79.5 million, primarily paid in cash, with certain lease liabilities paid off/assumed.

Pelican Energy Partners acquired Iron Horse Tools, Inc. (IHT), a provider of automated drilling chokes for managed pressure drilling operations, from Bluehenge Capital Partners. Based in Corpus Christi, Texas, IHT will use the investment to expand its customer base, geographic reach, and service offerings across U.S. shale plays.

Sapphire Gas Solutions, a natural gas solutions provider based in Conroe, Texas, acquired CLEANCOR Holdings LLC from SEACOR Holdings Inc. CLEANCOR provides CNG, LNG, RNG, and hydrogen solutions across the United States, and the deal expands Sapphire’s footprint into the western United States while increasing fleet capacity and service offerings such as natural gas transportation fueling.

Paragon ISG acquired the Spirit Drilling Fluids team and related assets to expand its drilling fluids capabilities and market share. The acquired team brings extensive deep drilling fluids experience with a track record in Texas and Louisiana, strengthening Paragon ISG’s offerings across key basins in the United States. Paragon ISG is owned by Palladium Equity Partners.

Park Energy Services, a portfolio company of Rock Hill Capital, acquired substantially all the assets of Great Texas Compression, LLC. The acquisition strengthens Park’s compression services footprint and customer density in South Texas and supports its growth strategy through targeted acquisitions. Debt financing for the transaction was provided via an expanded senior credit facility led by Regions Bank alongside UMB Bank N.A., Century Bank, and Third Coast Bank SSB.

Caliber Completion Services, LLC acquired substantially all wireline assets from ClearWell Dynamics, LLC’s subsidiary formerly known as Pioneer Wireline Services, LLC. The transaction expands Caliber’s geographic footprint and service offerings in wireline, significantly increasing its available wireline units, and was supported by B29 Investments, LP.

VooDoo Energy Services announced it has been recapitalized by an affiliate of Voyager Interests, a Houston-based private equity firm focused on energy services and equipment. Headquartered in Shreveport, Louisiana, VooDoo provides specialty pumping services in the Haynesville Shale and serves customers across Texas, New Mexico, and Oklahoma.

Liberty Oilfield Services Inc. acquired PropX, a Denver-based provider of last-mile proppant delivery solutions, in a cash-and-stock deal valued at $90 million on Oct. 26. The acquisition adds PropX’s proppant delivery technologies, containers, and wellsite handling equipment—positioning Liberty as a more integrated completion services provider with improved logistics efficiency and reduced noise and emissions.

Diversified Energy Co. Plc agreed to acquire Oklahoma City-based Tapstone Energy LLC’s upstream assets and related field infrastructure in Oklahoma for $419 million in cash (subject to customary purchase price adjustments). The assets are being acquired from Tapstone and an affiliate of Kennedy Lewis Investment Management, with Oaktree Capital Management co-investing by purchasing an initial 48.75% stake for $192 million.

Funds managed by affiliates of Apollo Global Management acquired a majority interest in Total Operations and Production Services, LLC (TOPS) from Black Bay Energy Capital. TOPS, headquartered in Midland, Texas, provides electrically driven, low-emission contract gas compression services for the Permian Basin, and the investment is intended to support continued growth and capability expansion.

Tall Oak Midstream II, backed by Tailwater Capital, acquired Redcliff Midstream, a gas gathering, treating, and processing services provider in Oklahoma’s STACK play. Redcliff was founded as a wholly owned subsidiary of Canyon Midstream Partners II, and will complement and expand Tall Oak II’s existing midstream infrastructure footprint in the Northern STACK Extension region. Financial terms were not disclosed.

Liebman Group, in partnership with Black Cliffs Partners, acquired a majority interest in Pine Island Chemical Solutions, an oilfield service company that produces treating, water treatment, and completion chemicals. The investors partnered with the existing senior management team to recapitalize the business and provide additional capital for add-on acquisitions and geographic expansion, with management retaining a significant minority stake. Financial terms were not disclosed.

Stakeholder Midstream, LLC acquired gas gathering and processing assets from Santa Fe Midstream, LLC located in Yoakum County, Texas, including the 30-30 Gas Treating and Processing Plant and associated pipeline infrastructure. The acquired system complements Stakeholder’s existing Campo Viejo Processing Plant and gathering system in the Permian Basin, increasing combined gas processing capacity and expanding gathering mileage and acreage dedications.

CIC Partners made a growth capital investment in Tri-State Holdings LLC, a provider of water transportation and disposal services for oil and gas producers in the Haynesville Shale. In connection with the investment, Tri-State acquired saltwater disposal assets in the Haynesville from Key Energy Services to expand its disposal service offering and capacity.

Rawhide Acquisition Holding LLC, a portfolio company of Coral Reef Capital, completed an equity financing to support production ramp-up and future operations at its Rawhide Mining gold operation. The round included strategic investments from Austral Gold Limited and EMX Royalty Corporation, along with additional investment from affiliates of Coral Reef Capital, with proceeds earmarked for working capital and capital projects.

Pelican Energy Partners announced a majority recapitalization/strategic acquisition of Safety Automation Technology, LLC (SAT) and Shepherd Safety Systems, LLC. SAT provides safety services and deploys the patented Shepherd System for real-time monitoring and worker dispatch, while Shepherd manufactures patented H2S monitoring systems for oil and gas sites.

Hastings Equity Partners announced the sale of the assets of Cactus Fuel, LLC to Pilot Thomas Logistics, LLC (PTL). Cactus Fuel, headquartered in Midland, Texas, distributes fuel and lubricants to upstream and midstream customers in the Permian Basin.

Gravity Oilfield Services Inc., backed by affiliates of Clearlake Capital Group, announced the acquisition of certain water disposal infrastructure from MBI Oil & Gas, LLC. The deal strengthens Gravity’s water management and permanent water infrastructure offerings in the Bakken basin and supports its broader water midstream growth strategy. Financial terms were not disclosed.

Crowley Petroleum Distribution Group, LLC acquired Taku Oil Sales, Inc., a family-owned petroleum distributor serving Juneau, Alaska and surrounding areas. The transaction supports Crowley’s growth in the southeast Alaska market while maintaining continuity for Taku Oil’s operations and employees. ACT Capital Advisors, LLC advised on the deal as the founders pursued an exit tied to a retirement plan.

Sunland Field Services, Inc. acquired the business of Black Horse Construction, Inc., expanding Sunland’s oilfield construction service capabilities. The deal extends Sunland’s operations into tank battery, pump unit, roustabout, and related services in the Bakken Shale area of North Dakota and Montana, with Black Horse operating going forward as Sunland Field Services – Bakken Operations.